OPTOWIDE(688195) 民生证券·2024-03-20 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][10]. Core Views - The company's performance is under short-term pressure due to downstream inventory destocking, but emerging application fields are accelerating growth momentum [10]. - In 2023, the company achieved revenue of 340 million yuan, a year-on-year decrease of 1.29%, and a net profit attributable to shareholders of 41.66 million yuan, down 28.72% year-on-year [10]. - The company is focusing on diversifying into emerging fields while strengthening its existing optical communication and fiber laser businesses [10]. Financial Summary - Revenue forecast for 2024-2026 is projected at 495 million yuan, 675 million yuan, and 859 million yuan, with growth rates of 45.6%, 36.4%, and 27.2% respectively [22]. - Net profit attributable to shareholders is expected to be 78 million yuan, 114 million yuan, and 154 million yuan for the same period, with growth rates of 86.4%, 46.3%, and 35.3% respectively [22]. - The company’s PE ratio is projected to decrease from 46 in 2024 to 23 in 2026, indicating improving valuation over time [22].